1. Optimistic Attitude Successful traders display a healthy dose of optimism, even when it isn’t supported by the latest profit and loss statement, because they know that drawdowns are temporary, and that they have the skills needed to build back profits. They also understand that trading is a zero-sum game that divides up winners and losers, and visualize themselves on the winning side at all times, regardless of short-term results.
2. High Self-Esteem and Self-Worth The current education system focuses great effort on self-esteem and self-worth in the student population, but the transition into adulthood may undermine this effort, leading to negativity, cynicism, and self-doubt. Each of these attributes has an impact on profitability because the emotional nature of buying, selling, and assuming risk requires visualization of the most positive outcomes, which is undermined when we believe we aren’t good enough to be financially successful.
3.Balance Away From the Market Your experience in the financial markets reflects a perfect image of your life away from the financial markets.
For example, destructive habits like smoking, overeating, and drug use directly correlate with poor trading performance. Struggles with spouses, children, and family add to the burden, as do a lack of exercise, uncontrolled anger, and obsession with political outcomes.
Successful traders spend as much time working through personal issues as they do in market preparation. They take care of their bodies with healthy diets, while understanding that recreation is a vital activity in keeping trading performance at peak level. They also seek the guidance of clergy, mental health professionals, or gurus when their own efforts to achieve balance come up short.
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